Doximity (NYSE:DOCS) Downgraded to Hold Rating by Freedom Capmkts

Freedom Capmkts downgraded shares of Doximity (NYSE:DOCS) from a strong-buy rating to a hold rating in a research note published on Tuesday morning,Zacks reports.

Several other equities research analysts have also commented on DOCS. Truist Financial increased their price objective on shares of Doximity from $19.00 to $24.00 and gave the company a “hold” rating in a research note on Thursday, August 13th. Wells Fargo & Company downgraded Doximity from an “equal weight” rating to an “underweight” rating and set a $18.00 price target for the company. in a research report on Monday, August 10th. JPMorgan Chase & Co. lifted their price target on Doximity from $26.00 to $31.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Leerink Partners cut their price objective on Doximity from $31.00 to $25.00 and set an “outperform” rating on the stock in a research report on Thursday, May 14th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Doximity in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $32.18.

Doximity Price Performance

NYSE DOCS opened at $24.41 on Tuesday. The company has a fifty day moving average price of $23.51 and a 200-day moving average price of $23.09. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 20.61 and a beta of 1.25. Doximity has a 1 year low of $17.15 and a 1 year high of $76.51.

Doximity (NYSE:DOCS) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.13. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The company had revenue of $156.62 million for the quarter. During the same period in the previous year, the business earned $0.36 earnings per share. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, research analysts anticipate that Doximity will post 0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other Doximity news, Director Kira Wampler sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $24.95, for a total value of $49,900.00. Following the completion of the transaction, the director directly owned 19,839 shares of the company’s stock, valued at $494,983.05. This trade represents a 9.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Siddharth Sitaram sold 1,770 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $24.94, for a total transaction of $44,143.80. Following the completion of the transaction, the chief accounting officer directly owned 97,004 shares of the company’s stock, valued at approximately $2,419,279.76. The trade was a 1.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 11,270 shares of company stock worth $387,369 in the last three months. 31.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Doximity

Several large investors have recently modified their holdings of the business. Carmignac Gestion increased its holdings in shares of Doximity by 127.8% during the first quarter. Carmignac Gestion now owns 4,311,997 shares of the company’s stock valued at $100,480,000 after acquiring an additional 2,418,971 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Doximity by 325,436.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock valued at $57,515,000 after acquiring an additional 1,298,492 shares in the last quarter. Royal Bank of Canada raised its holdings in Doximity by 28.4% in the 1st quarter. Royal Bank of Canada now owns 206,282 shares of the company’s stock worth $4,806,000 after acquiring an additional 45,618 shares during the last quarter. Quantinno Capital Management LP lifted its position in Doximity by 420.5% in the 1st quarter. Quantinno Capital Management LP now owns 140,345 shares of the company’s stock valued at $3,270,000 after acquiring an additional 113,380 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Doximity by 24.7% during the 2nd quarter. Wellington Management Group LLP now owns 3,135,113 shares of the company’s stock valued at $65,022,000 after purchasing an additional 621,464 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

Doximity Company Profile

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.